Petroceltic International, the Irish oil and gas company, has risen sharply after authorities clarified new regulations on operators working in Italian waters.
In 2010 Italy introduced new laws on oil and gas drilling in response to the Gulf of Mexico disaster.
The new guidance appears to mean companies who made applications for permits before the 2010 legislation was introduced will not be subject to a 3% increase in royalty payments.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Obviously this is good news for Petroceltic which has several offshore applications lodged.
At 10:20 the shares had risen 6.3%
BS
